If I remember correctly, the commission on the 3rd party accounts is around 0.2%. So yes, this would be accretive
So who have I got to bribe to get bumped up the queue?
It all sounds fantastic!
What timeframe are we talking about for rollout? Is this over the next 24 hours or few days?
W… w… why would you do this to us? ![]()
Jesus, pitchforks come out before a full explanation of how the interest rates will work.![]()
![]()
Can pack them away again people, the points on them don’t need sharpening yet.
If it’s similar to previous roll outs it’s usually a few days.
So it is, I hadn’t realised that. Just tried it and the implementation isn’t quite what I’d like - I don’t like that to temporarily access a hidden pot you have to unhide it and then remember to re-hide it again after accessing it. I’d prefer a mechanism that didn’t involve having to remember to re-hide. But its better than nothing of course. Will feedback in another thread where pot hiding is the focus.
That’s taken the shine off it slightly, just means I’ll either have to combine my separate savings into one, or decide to stick with what I’ve got.
Decisions, decisions
tbf it’s a minor thing for me to contemplate, given everything else going off in the world.
Hopefully this will encourage the other providers to beat this rate. Monzo having their own savings pot allows them to play a key role in driving the arms race and competitiveness of the marketplace. Really great move ![]()
Why would I be, I said it’s minor.
What happens if/when a pot rate increases/decreases?
Increases are straight forward - we’ll tell you, you don’t need to do anything to get it. Decreases we’ll give you 14 days notice for the change.
One thing I don’t like about 3rd party easy access pots in Monzo is different customers get different rates depending on when they opened the pot (newer customers might get better rates than older customers, or vice versa).
Zopa do this much better. All customers get the same rate regardless of when they opened their account.
Which approach will Monzo take with the Monzo instant access pots?
How soon is ![]()
Sorry for the confusion earlier folks! Hopefully Andy’s explanation cleared things up
![]()
Is it one per customer or per account?
Wondering if I can setup one in my personal account and another in our joint account?
Can we have more than one of these? I’d still want to segregate stuff.
Going to be honest here, I went school quite a while back and I was never good at maths.
I have no clue what square root is.
Yep, one per account (at least that’s my reading of this sentence):